China’s Zhejiang Wanfeng Auto Wheel Co. has agreed to acquire German eVTOL aircraft manufacturer Volocopter, which is currently involved in an insolvency process. In a stock exchange statement reported on March 10 by China Evtol News, the automotive group said that its German subsidiary Heptus 591 GmbH has signed an asset purchase agreement with Volocopter’s court appointed administrator Tobias Wahl covering the acquisition of assets, and intellectual property rights, as well as assuming contract rights and obligations.
According to the stock market statement, Wanfeng is paying €10 million ($11 million) to acquire Volocopter, with the book value of assets and intellectual property declared as €42 million. According to Wanfeng, the purchase price was set, “based on the condition of the assets and the progress of research and development [for Volocopter’s two-seat VoloCity eVTOL model] as of the signing date [March 5] through friendly negotiation between the parties on a mutually beneficial basis.”
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